BCT Editorial – 7/6/10

This is another example of Times schizophrenia when it comes to deficit spending and debt.  One editorial complains about debt and deficit spending while the next justifies it.  In case you missed it, by “boosting the economy” the editorial means deficit spending.  Given all the editorials that cried crocodile tears about deficit spending and debt, I guess the Times just didn’t have the nerve to say what it really meant.  May’s “Future shock” about Greece’s situation is only one example.

Regarding the Times notion of “boosting the economy,” perhaps it should learn what Henry Morgenthau, FDR’s Treasury Secretary during the Great Depression, said about FDR’s “stimulus.”  Testifying before the House Ways and Means Committee in May 1939, Sec. Morgenthau said, “We have tried spending money.  We are spending more than we have ever spent before and it does not work.  And I have just one interest, and if I am wrong … somebody else can have my job.  I want to see this country prosperous.  I want to see people get a job.  I want to see people get enough to eat.  We have never made good on our promises … I say after eight years of this Administration we have just as much unemployment as when we started … And an enormous debt to boot.”

Finally, have you noticed how the left has recently started referring to the Great Recession?